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Serjik [45]
3 years ago
10

collin invests £11180 into his bank account. he receives 4.3% per year simple interest. how much will collin have after 3 years?

Mathematics
1 answer:
borishaifa [10]3 years ago
7 0

Answer:

Step-by-step explanation:

To calculate simple interest use the following formula

Presentvalue(1+it)

where i=interest

t=time

We can easily plug in our values and solve for the answer

11180(1+0.043*3)

Put this into a calculator and get £12622.22

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I would rather do the second option of which uses Compound interest that will give a profit of $47.85

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2. compound interest

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